Home prices in the Charlotte area fell 0.2 percent in September from the August level, according to Standard & Poor’s Case-Shiller Home Price Index released today.

While the decline is slight, what makes the figure significant is that Charlotte is the only market out of 20 tracked by Case-Shiller to report a month-over-month drop in prices in September, according to the index report.

The index also tracks composites of the top 10 and top 20 markets. Both composites showed a 13.3 percent year-over-year increase in home prices for September and a 0.7 percent monthly increase.

The report says that while 13 markets reported higher annual gains, 19 cities showed lower monthly returns in September than August. The only exception was Miami, which held steady at a 0.8 percent monthly increase.

Charlotte's year-over-year change, while positive, is also less than the national figure.

“The national index is up 11.3 percent year-over-year, the strongest figure since the boom peaked in 2006,” says David Blitzer, chairman of the index committee at S&P Indices. “The 10-city and 20-city composites year-over-year growth at 13.3 percent was their highest annual numbers since February 2006.”

In the report, Blitzer notes the price gain in markets in the western part of the country have raised concerns about another housing bubble.

“However, the talk is focused on fear of a bubble, not a rush to join the party and buy,” he says. “Moreover, other data suggest a market beginning to shift to slower growth rather than one about to accelerate. Existing home sales weakened in the most recent report, home construction remains far below the boom levels of six or seven years ago and interest rates are expected to be higher a year from now.”

Bitzer says housing is continuing to recover, as the proportion of homes in foreclosure is declining.

“The longer-run question is whether household formation continues to recover and if homeownership will return to the peak levels seen in 2004,” he says.

Among other highlights from the report:

•Twelve cities posted double-digit annual returns.

•Las Vegas showed a gain of 29.1 percent in home prices year-over-year, followed by San Francisco at 25.7 percent.